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| Hospitality companies target rival properties | ||
| 2/8/2023 1:50 PM | ||
| Hospitality companies are contending with a drop in new hotel construction by poaching independent and rival properties for their own brands. Conversions are some of the biggest growth drivers since the pandemic as financing for hospitality projects has dried up, the Wall Street Journal reported. The tactic is more common during times of economi...Read More | ||
| Ranking the brokerages that rule NYC’s suburbs | ||
| 2/8/2023 1:20 PM | ||
| The Tristate housing market has cooled off in recent months in the harsh winds of interest rate hikes and an inventory crunch, but business remains brisk enough for brokerages to cash in — if they have enough boots on the ground. The Real Deal combed Department of State records to see which brokerages have the most agents selling in Nassau, Suff...Read More | ||
| Columbia Property Trust takes haircut on 149 Madison | ||
| 2/8/2023 12:33 PM | ||
| Columbia Property Trust is taking a haircut on one of its Manhattan office buildings. The REIT sold the 12-floor, 121,000-square-foot property at 147-149 Madison Avenue in Midtown South for $77 million to the consumer products company Enchanté Accessories, according to city records filed Wednesday. The sale price was nearly $11 millio...Read More | ||
| Cardboard magnate sells Carhart Mansion duplex for $20M | ||
| 2/8/2023 11:50 AM | ||
| Cardboard magnate Dennis Mehiel and his wife Karen are out at the Carhart Mansion. The couple sold their duplex at 3 East 95th Street for $20 million, or $1,930 per square foot, according to ACRIS. The five-bedroom, five-bathroom condo drifted on and off the market without a buyer for about 15 years. The couple relisted their home last September...Read More | ||
| Fairfield adds to Long Island portfolio with $60M purchase | ||
| 2/8/2023 11:05 AM | ||
| Long Island’s largest multifamily landlord continues to grow. Fairfield Properties bought a portfolio of five rental complexes in Suffolk County, paying $59.6 million for the 228-unit portfolio in Bay Shore, the Long Island Business News reported. The seller was the estate of Joan Wimmer, who died a year ago. The Wimmer family developed the prop...Read More | ||
| Life after Naftali: Sigoura breaks out with UES project | ||
| 2/8/2023 10:05 AM | ||
| It’s been seven years since Victor Sigoura ditched Miki Naftali for a chance to make it on his own. After a rocky start, the former Naftali Group chief investment officer seems to have found his footing with Legion Investment Group’s first Manhattan project: a 19-story, Upper East Side condominium off Park Avenue with a projected sellout of $440...Read More | ||
| Ampiera Group plans 85K sf resi project in Sunnyside | ||
| 2/8/2023 9:40 AM | ||
| Alex Lau’s Ampiera Group is set to deliver dozens of units to Queens’ Sunnyside neighborhood. The developer filed plans for a 63-unit project at 45-07 45th Street, Crain’s reported. The filing comes a year after the developer purchased the site for $11 million. The 85,000-square-foot project will include 13 income-restricted units. The eig...Read More | ||
| Might as well be dead? J-51 reboot may not be enough | ||
| 2/8/2023 9:00 AM | ||
| A property tax break could come back from the dead, but its revived form may scare off landlords. The J-51 program provided an abatement and exemption for multifamily buildings that had gut renovations and major repairs, or were nonresidential properties converted into housing. Applications for the tax break dwindled before it expired last year ...Read More | ||
| Lawsuit alleges Signature Bank aided FTX fraud | ||
| 2/8/2023 7:00 AM | ||
| Days after FTX’s spectacular collapse, Signature Bank was doing damage control, trying to play down its exposure to the crypto exchange’s alleged fraud. The bank, an important real estate lender in the New York metro area, assured investors just 0.1 percent of its deposits were linked to FTX. Turns out, there was more to the story. A lawsuit fil...Read More | ||
| No, really, New Yorkers came back: Unraveling Curbed’s rent conspiracy | ||
| 2/8/2023 6:05 AM | ||
| What if the staggering rent growth in New York City over the past two years was not from tenants returning en masse? What if landlords stowed units off-market to artificially inflate rents? A Curbed story laid out that theory in late January, raising hackles across real estate Twitter. Author Lane Brown argued that evidence does not show more pe...Read More | ||
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